Quikbench
Quikbench
Work out the monthly EMI for a loan, given the principal, interest rate, and tenure. Nothing here is sent anywhere; it's plain arithmetic that runs instantly as you type. This is an estimate for planning purposes, not financial advice.
Work out the monthly EMI for a loan, given the principal, interest rate, and tenure.
Uses the standard reducing-balance EMI formula based on principal, monthly interest rate, and number of months. This matches how most banks calculate EMI for fixed-rate loans.
All calculations run entirely in your browser — there's no upload, no account, and no server involved at any point. Results update live as you move the sliders.
Take a ₹5,00,000 loan at 9% annual interest over 5 years. The monthly rate is 9% ÷ 12 = 0.75%, and the tenure is 60 months. Plugging those into the reducing-balance formula gives an EMI of roughly ₹10,379 a month. Over the full 60 months you'd pay about ₹6,22,740 in total, of which ₹1,22,740 is interest and ₹5,00,000 is the principal you originally borrowed. The interest portion is largest in the earliest installments and shrinks with every payment, even though the EMI itself stays fixed.
The most frequent one is comparing a "flat rate" quote from one lender against a "reducing balance" quote from another as if they were the same thing — they're not, and the flat-rate loan is almost always more expensive for an identical headline rate. See our guide on EMI vs. flat rate interest for a full worked comparison. The second common mistake is ignoring processing fees when comparing lenders — a lower EMI with a high processing fee can cost more overall than a slightly higher EMI with none, especially on shorter tenures.
EMI is calculated using the reducing-balance formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan principal, r is the monthly interest rate, and n is the number of months. This is the same method most Indian banks and NBFCs use for home, car, and personal loans.
A reducing-balance EMI (used here) charges interest only on the outstanding principal each month, so the interest portion shrinks over time. A flat-rate EMI charges interest on the full original principal for the entire tenure, which works out more expensive overall — a "flat 8%" loan behaves roughly like a 14–15% reducing-balance loan. Read the full breakdown in our EMI vs. flat rate guide.
This calculator shows the standard fixed EMI for the full tenure without prepayments. For a year-by-year principal vs. interest breakdown, use the Loan Calculator, which includes an amortization table.
Banks sometimes round differently, apply interest from the disbursement date rather than the first of the month, or bundle in processing fees and insurance that change the effective loan amount. Treat this calculator as a close estimate for planning, and confirm the exact figure with your lender's amortization schedule before signing.